The United Kingdom of Great Britain and Northern Ireland or simply the United Kingdom is the largest state in the British Isles and comprises the island of Great Britain, Northern Ireland which is located in the north-eastern part of the island of Ireland and the Republic of Ireland borders many other smaller islands. This country has a long and rich history combined with a liberal, modern and forward-thinking mentality. Due to numerous waves of immigration, Great Britain is culturally extremely diverse. Not only is the UK one of the world's leading financial centers, it has numerous other strong industries that together make up the fifth largest economy in the world and the second largest economy in Europe after Germany.
The UK is currently going through major changes and one can only wait and see what the UK economy will look like once it leaves the European Union. For now, we can take a look at popular applications from UK companies and why the UK is one of the top destinations for foreign entrepreneurs.
An entry point for the rest of the Europe
The UK is a major gateway to the rest of the Europe. The UK is a key trading partner within the European Union and also has links to other member states of the Commonwealth of Nations. Access to larger markets is a crucial factor for any business and numerous foreign entrepreneurs see the UK as the most advantageous location from where to operate their businesses in order to reach as many other markets as possible.
Currently, the UK is enjoying being a part of the EU’s single market which means that among other benefits businesses registered in the UK can freely trade with any member country of the EU’s single market with no tariffs, quotas or taxes on trade. This is not only financially beneficial to the UK’s businesses, but also time saving and most importantly – providing them with huge customer base. After leaving the European Union, the UK will most likely leave the single market, but trade agreements are under negotiation to continue benefitting from the potential customer base living in the EU.
Develop new products
In 2011, the UK’s government launched a campaign to promote an enterprise led recovery from the recession. The campaign with a name StartUp Britain was developed to provide inspiration and support to entrepreneurs. Since then annual start-up rates have been increasing each year as entrepreneurs value the provided technical support in developing new products and other support needed for entrepreneurs. This is just one example of numerous campaigns, think tanks and business incubators all around the country. Additionally, the UK is rich with resources and extremely smart professionals willing to change the world with their business ideas.
Find new clients, suppliers and partners
According to the World Bank, the UK is home to more than 65 million people and is among few countries in Europe where the population is expected to grow in the future. Entrepreneurs are right to utilize the benefits of this large base of wealthy customers.
But the UK is not only attractive to foreign and local entrepreneurs because of the benefits provided by the large local customer base and potential markets, but also because the UK is a perfect location to meet new suppliers and partners for your business. Just like you, numerous other entrepreneurs decide each day to relocate to the UK because of the reasons discussed above. Due to the popularity of the English language, foreign entrepreneurs are able to communicate with each other as well as the local entrepreneurs with no language barrier. The UK often hosts numerous trade and business related conferences, shows and workshops which helps to bring together likeminded people with business ideas.
